NY setting precedent for cyber regulations in financial industry.

• Position: CYBERSECURITY - Brief article

Information-Management.com reports the state of New York is taking the lead in developing serious cybersecurity regulations, with the financial industry its first target

Effective March 1, the New York State Department of Financial Services (DFS) will require banks, insurance companies, and other DFS-regulated entities to establish a cybersecurity program that's designed to protect consumers and ensure the safety of the state's financial services industry.

The regulations will require the affected institutions to have a valid cybersecurity program in place that describes what information the organization has, who has access to it, and what is necessary to control and secure that data and its systems.

More specifically, the program must assess internal and external risks; use defensive policies to prevent unauthorized access and use; and detect, respond, recover, and report on any events...